link1911 link1912 link1913 link1914 link1915 link1916 link1917 link1918 link1919 link1920 link1921 link1922 link1923 link1924 link1925 link1926 link1927 link1928 link1929 link1930 link1931 link1932 link1933 link1934 link1935 link1936 link1937 link1938 link1939 link1940 link1941 link1942 link1943 link1944 link1945 link1946 link1947 link1948 link1949 link1950 link1951 link1952 link1953 link1954 link1955 link1956 link1957 link1958 link1959 link1960 link1961 link1962 link1963 link1964 link1965 link1966 link1967 link1968 link1969 link1970 link1971 link1972 link1973 link1974 link1975 link1976 link1977 link1978 link1979 link1980 link1981 link1982 link1983 link1984 link1985 link1986 link1987 link1988 link1989 link1990 link1991 link1992 link1993 link1994 link1995 link1996 link1997 link1998 link1999 link2000 link2001 link2002 link2003 link2004 link2005 link2006 link2007 link2008 link2009 link2010 link2011 link2012 link2013 link2014 link2015 link2016 link2017 link2018 link2019 link2020 link2021 link2022 link2023 link2024 link2025 link2026 link2027 link2028 link2029 link2030 link2031 link2032 link2033 link2034 link2035 link2036 link2037 link2038 link2039 link2040 link2041 link2042 link2043 link2044 link2045 link2046 link2047 link2048 link2049 link2050 link2051 link2052 link2053 link2054 link2055 link2056 link2057

Bitcoin Miners Double Revenue: Fees Spiked Over 200 in 10 Days Since the Halving

Bitcoin Miners Double Revenue: Fees Spiked Over 200% in 10 Days Since the Halving

Bitcoin Miners Double Revenue: Fees Spiked Over 200% in 10 Days Since the Halving

 

Bitcoin (BTC) miners earned 44% more in transaction fees in the nine days since the halving than they did for the whole of April. If this continues miners will have more than doubled their income from transaction fees going forward.

According to data from Coinmetrics, miners have collected the equivalent of 1,176 BTC in transaction fees since Bitcoin’s third supply cut on May 11. That compares with 818 BTC earned as fees in April and 1,251 BTC in March, the figures show.

Miners reap fewer bitcoin with each halving. The latest event slashed rewards paid to miners by 50% to 6.25 BTC, leaving some operators on the brink of collapse. The bonuses are a major revenue source for mining companies.

Now, as the third halving whipped up retail interest, demand for processing transactions through the Bitcoin network rose, causing fees to soar.

Since May 11, the average transaction cost for BTC has climbed as much as 220% to more than $6.40, as per Bitinfocharts. On the day of the halving, fees averaged just below $2. Transaction costs had already been rising two weeks prior to the event, spiking 400%.

Fees are paid each time a Bitcoin transaction is processed and confirmed by a miner, who pockets the fees, in addition to the block reward, as revenue.

There’s been some suggestion that miners are using higher fees to compensate for lost revenue from the block reward cut — creating what could arguably become a future market for BTC, one based on fees. Proponents argue higher fees help keep the Bitcoin network secure.

But bitcoin fundamentalists are unimpressed, citing high cost as a stumbling block to mass adoption. Miners are now hoping that the price of BTC rises above $10,000 and stays there, for them to remain profitable.

What do you think about the rising transaction fees? Let us know in the comments section below.

Own A Piece Of Markethive — Lifetime Income Opportunity

Markethive, the first Social/Market Network built on the Blockchain, introduces The Entrepreneur Program

The Entrepreneur program is designed to leverage your system. Your free Markethive system is a market network, like a social network, but with powerful inbound marketing tools integrated into the system.

This premier hybrid social network includes news feeds, blogging platforms, video channels, chat channels, groups, image sharing, link hubs, resume, profile page and peer to peer commerce.

But more than a social network, we have also delivered to you “Inbound Marketing tools” like broadcasting, capture pages, lead funnels, autoresponders, self-replicating group tools, traffic analytics, and more.

Plus, we are built on the Blockchain which allows Airdrops of 500 Markethive Coin (MHV) worth $100, upon joining and micropayments for using the tools mentioned above. This is all free to you.

Free here : Click here to join for free